Mix Sansar

The Nepal Rastra Bank (NRB) took action against 11 finance companies in the last 19 months for their failure to comply with the existing laws and the central bank’s directives.

The finance companies are Nepal Finance Company Limited, Lalitpur Finance, Himalaya Finance, Crystal Finance, Capital Merchant Banking and Finance, Kuber Finance, People’s Finance, General Finance, Baibhav Finance, Progressive Finance and Janaki Finance companies, according to the Annual Finance Companies’ Supervision Report 2011-12.

Commerz and Trust Bank Nepal Limited has successfully allotted its 60,00,000 kitta Ordinary Share today at the allotment function organized at Hotel Annapurna, Durbarmarg. Out of the 60,00,000 kitta; 3,00,000 kitta each are allotted for mutual funds and bank staffs and remaining 54,00,000 kitta are allotted to the general public.

Nabil Bank’s Nabil Balanced Fund I has been well received by the public.The new fund offer for Nepal’s second mutual fund — Nabil Balanced Fund I worth Rs 600 million — that had opened on March 20, closed today. “We believe that the offer got oversubscribed by two times based on the initial report, though some districts have yet to report the final tally,” said chief executive of Nabil Investment Pravin Raman Parajuli.

Civil Bank, to aid financial requirements of small and medium-sized businesses, has launched ‘Civil SME Loan, 6 Days to Cash’ scheme. “The new scheme enables small and medium enterprises to obtain a loan of up to Rs 10 million within six days after the submission of all required documentation,” said chief executive officer of the bank Kishore Maharjan.